Jeffrey, I know that will work just as well a splitting the logs into staves.
I've been the Head Sawfiler at a large hardwood lumber mill for 13 years. We saw about 120,000 board feet of hardwood lumber every day.
Like Pat said, I've seen some mills who keep logs on the yard for months and months before sawing them. In that instance, it is possible for the logs to stain (the early stages of rot) and the wood to degrade to the point of being useless for bows. This is most common with red oak and white oak, but will happen to any of it if left long enough. That rarely happens where I work because we go through such a massive volume of logs.
If you slab the logs heavy enough for the slab to be about 3-4" thick in the center, you'll get a good stave or two from each slab, depending on the diameter and condition of the log.
Like I said before, I've seen thousands of potential bows chipped up and turned into either paper or charcoal.